Alternative compounded versions of Novo Nordisk’s blockbuster weight-loss and diabetes drugs have hurt its sales, particularly in the U.S.

Novo Nordisk on Wednesday managed the unusual feat of seeing its stock price rise after reducing its earnings outlook. But that’s reflective of the tough times the Danish maker of Ozempic and other weight-loss drugs has had.

U.S.-listed shares of Novo Nordisk (NVO) are jumping in premarket trading Wednesday even as the Danish pharmaceutical giant lowered its full-year outlook. The maker of blockbuster weight-loss drugs reduced its 2025 guidance as alternative versions of its drugs weighed on demand.